Binance Pushing for the Release of New Payment Card in Ukraine

In Ukraine, Binance is getting ready to release its own payment card as it hopes to continue its operations within the country. According to Binance Ukraine’s general manager Kirill Khomyakov, the crypto exchange is striving to acquire a dominant position in the Ukrainian crypto market as it expands its local crypto services.

“Binance card is not yet available for Ukrainian users, but we are actively working on its launch. This is one of our top priorities for 2022,” explained Khomyakov. Binance Ukraine is also pushing for the development of an NFT-related local service within the year. Additionally, it is working on launching fan tokens for major sports teams in Ukraine.

Currently, legislation in Ukraine does not recognize cryptocurrencies as legal tender and digital coins cannot be used in straightforward payments. However, crypto-derived transactions are still sanctioned. A fact backed by Ukrainian government officials such as Oleksandr Bornyakov, the Digital Transformation Deputy Minister. This is what Binance Ukraine hopes to capitalize on with its new payment card.

“Binance card has a balance in cryptocurrencies with no fiat balance required. At the moment of the transaction the amount of the transaction is automatically converted from crypto to fiat,” added Khomyakov. “Our local partners ensure that any co-branded products with Binance are provided in 100% compliance with all regulatory rules and requirements.”

The same crypto regulation is evident in its neighboring countries such as Russia which has already prohibited crypto payments. Despite this, the State Hermitage Museum, a state-backed institution, still accepted crypto-derived payments during a recent auction supported by Binance.  The major crypto exchange had likewise planned on launching a payment card in Russia in 2020, but it has not done so as of yet.

“At the moment, the launch of the card in Russia is not a priority,” asserted Gleb Kostarev, Binance Eastern European director. Instead, they are focusing their efforts on developing a “regulatory field around cryptocurrencies.”

Source: CoinTelegraph